Sun, June 16, 2024

UP Fintech’s Q1 2024 Revenue Up by 19%, Profits Double

Broker News

UP Fintech Holding Limited announced its unaudited Q1 2024 financials, ending March 31. CEO Wu Tianhua revealed a 19% year-over-year revenue rise, reaching $78.9 million.

Net income attributable to UP Fintech’s ordinary shareholders rose to $12.3 million, showcasing a solid performance in Q1. Non-GAAP net income hit $14.7 million, reflecting financial strength and efficiency.

UP Fintech gained 28,800 new funded accounts during the quarter, totaling 933,400. It represents a 15% year-over-year growth. Asset inflows were robust at $5.3 billion, driving a 103.8% rise in total account balances to $32.9 billion.

Earlier, UP Fintech Holding, which runs the Tiger Trade online brokerage, received approval from the Hong Kong Securities and Futures Commission to extend its virtual assets trading license.

Now, UP Fintech offers crypto trading services like Bitcoin and Ethereum to qualified investors. It aligns with their aim to provide a full trading experience, integrating crypto with stocks, options, futures, and funds on Tiger Trade.

Revenue Growth Drives Higher Operating Costs

Total revenues increased to $78.9 million, marking a 19% year-over-year rise. Commissions grew by 9.2% to $27.8 million due to increased trading volumes. Interest income rose significantly to $43.8 million, driven by margin financing and securities lending activities.

Operating costs and expenses amounted to $50.8 million, including increases in employee compensation, communication and market data expenses, and general administrative costs.

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